Assetz CBILS oan enables completion of South Cheshire luxury homes
The government-backed initiative from British Business Bank helps businesses who have been adversely impacted by the coronavirus pandemic by covering interest and fees for the first 12 months of the loan.
Amor Homes encountered disruption to the building works of the high-spec properties at the start of the pandemic. Whilst the site remained open throughout both lockdowns thanks to the implementation of social distancing measures, fewer construction personnel have been able to work at any given time which significantly slowed progress. The business also struggled to get hold of key materials and experienced installation delays with some utilities.
The boost to the company’s cashflow using the CBILS scheme has ensured vital construction work has been completed and despite the building schedule being delayed, the site is set to be completed in March 2021. The six-bedroom homes will provide luxury, spacious living for families in a highly regarded rural location, but still within close proximity to the M6 and M56.
Assetz Capital is a specialist lender for SME housebuilders and property developers and has to-date funded over £50 million across 30 development sites through the CBILS scheme, building over 360 new homes.
Dave Bracegirdle, founder of Amor Homes said: “Assetz Capital ensured we still received capital to continue building work, which minimised some of the challenges presented by the pandemic. We were fortunate that we could continue. Our relationship director at Assetz Capital has always been very transparent, and he always seems to find a solution. The CBILS scheme from the government is fantastic, it’s been incredibly helpful to our business.”
Jason Roper, relationship director at Assetz Capital said: “CBILS has been a lifeline to Amor Homes. Thankfully we’ve been able to continue building their scheme of luxury homes in a very sought-after location. It’s been a pleasure working with the directors to find a solution and help their business to navigate through the pandemic. I look forward to supporting them throughout 2021 and beyond to help grow their property portfolio.”